Business
H1 2025: FCMB group profit before tax up 23% Year-on-Year
FCMB Group Plc (“FCMB Group”) has announced its unaudited financial results for the six months ended June 30, 2025.
The Group reported a ₦79.3 billion profit before tax (PBT), representing a 23% year-on-year increase, driven primarily by improved net interest income and asset yields.
Gross revenue for the period rose to ₦529.2 billion, reflecting a 41.3 per cent year-on-year increase from ₦374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income.
However, non-interest income declined by 35.1 per cent due to a ₦36.6 billion drop in currency revaluation gains compared to last year.
Net interest income almost doubled, rising from ₦106.2 billion in the previous year to ₦207.4 billion by June 2025.
The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3per cent in the 2024 financial year.
The Group’s digital business—payments, lending, and wealth services—grew strongly. Digital revenues increased by 60 per cent year-on-year, rising from ₦46 billion in June 2024 to ₦73.6 billion in June 2025.
Digital services now account for 13.9% per cent of total earnings.
Operating expenses rose by 46.1 per cent to ₦153.2 billion.
The increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures.
Despite this, cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024.
Net impairment losses on financial assets grew significantly to ₦36.2 billion on a quarterly basis, following FCMB Group’s banking subsidiary exit from the Central Bank of Nigeria’s loan forbearance programme.
This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year.
After tax, profit increased by 23 per cent year-on-year, closing at ₦73.4 billion.
Each business division contributed to overall performance. Consumer Finance reported a profit before tax growth of 54.5 per cent, Banking Group reported a profit before tax growth of 41.3 per cent, and Investment Management recorded a 10 per cent growth.
Investment Banking recorded a 48.9 per cent decline due to an exceptional one-time gain from a divestment in the previous year.
In terms of contribution to Group’s PBT, the Banking Group accounted for 82 per cent, Consumer Finance for 11.6 per cent, Investment Management for 4.8 per cent, and Investment Banking for 1.4 per cent.
The Group’s balance sheet also showed improvement. Total assets increased by 6.9 per cent to ₦7.54 trillion, up from ₦7.05 trillion as of December 2024.
Loans and advances grew modestly by 1.1 per cent to ₦2.38 trillion, impacted by currency revaluation, loan write-offs and concentrated paydowns, while customer deposits rose by 5.6 per cent to ₦4.55 trillion.
This growth was supported by a stronger mix of low-cost deposits, which now account for 69.3 per cent of total deposits, up from 57.5 per cent at year-end 2024.
Assets under management increased by 15.5 per cent, reaching ₦1.58 trillion, compared to ₦1.37 trillion in December 2024.
FCMB’s investment banking business, which includes advisory services and capital market transactions, recorded a significant increase in capital raised for its clients —growing by over 600 per cent year-on-year to ₦2.97 trillion.
The Group also reported improved balance sheet efficiency. A more favourable deposit mix and better deployment of recently raised capital helped reduce funding costs for the second consecutive quarter.
As a result, the net interest margin rose from 7.9 per cent in the first quarter to 10.1 per cent in the second quarter of 2025, contributing to the 9.1 per cent margin for the half-year. Management expressed confidence in sustaining this trend and exceeding its full-year NIM guidance.
Following its ₦144.6 billion public capital raise in 2024, FCMB confirmed that the Central Bank of Nigeria has completed verification of the second phase of the programme—a ₦22.5 billion mandatory convertible note expected to increase the number of issued shares to approximately 42.8 billion.
Subsequent phases of the capital programme are ongoing and aim to ensure First City Monument Bank meets the new minimum capital requirement to retain its international banking license.
FCMB Group remains focused on improving operational efficiency, expanding its digital and retail business, and continuing its strong earnings momentum through the second half of the year.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
Business
Dangote to Uzodimma: Just show me where to invest
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
Business
Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m
A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.
Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

Tsar Nicholas II

Dowager Empress Maria Feodorovna
The egg went under the hammer at Londonauction house Christie’s yesterday.
An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.
Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.
Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.
They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.
Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million
Today, only 43 of the Imperial Easter Eggs remain, with seven missing.
The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.
Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’
She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.
The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.
Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.
‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’
The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918
Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.
Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.
As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.
The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.
‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.
Eight years later, in 2002, it was sold again for a record $9.6 million in New York.
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